Sample Interest Only Promissory Note
Sample Note
This promissory note ("Note") is prepared by Zane Falconer, representative of Quantum Research Labs, located at 7200 Discovery Blvd, Innovation Park, Raleigh, NC 27616. For any information, you may contact us through the contact number: 222 555 7777 or through the email, ZaneFalconer@gmail.com or QuantumResearchLabs@gmail.com.
This Note is dated and effective as of _________ 2022. "Borrower" refers to ____________________, an individual or an entity borrowing the loan. "Lender" refers to ____________________, an individual, entity or financial institution extending the loan to the Borrower under this Note.
The borrower promises to pay the lender an amount of ____________________ ("Principal") at an interest rate of _______________ percent (__%) per annum. This Note will be repaid on an interest-only basis until the maturity date, wherein the full Principal shall be due and payable.
Payment of Principal shall be made at ___________________. Failure to tender payment by maturity date will result in a penalty of _______________ percent (__%) on the Principal.
The Borrower acknowledges and promises to pay the mentioned amount under the conditions outlined herein and affirms this promise by signing this Promissory Note below. This Note is binding upon Borrower and their successors, and if more than one, each will be jointly and severally liable.
Should the Borrower default on this Promissory Note, they authorize that all costs of collection, including but not limited to reasonable attorney fees, court costs, and other expenses will be their responsibility.
This Promissory Note will be governed by and construed in accordance with the laws of the State of ____________________.
This Note is not assignable by the Borrower without Lender's written consent. Any such attempt to assign, transfer or delegate without such consent will be void.
The Lender may assign this Note to any other party at its sole discretion without requiring consent or notice to the Borrower.
Signed on this _______ day of ________________, 2022,
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Borrower Signature and Date
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Lender Signature and Date
